Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sydney Corporation uses a PERIODIC inventory system, and provides the following information related to its inventory during the month of April 2022. Compute the number
Sydney Corporation uses a PERIODIC inventory system, and provides the following information related to its inventory during the month of April 2022. Compute the number of units on hand at the end of the month. Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using the FIFO method. 2. Determine the cost assigned to ending inventory and to cost of goods sold using the LIFO method. 3. Determine the cost assigned to ending inventory and to cost of goods sold using the average cost method. jydney Corporation uses a PERIODIC inventory system, and provides the following information related to its inventory during the month of April 2023. Compute the number of units on hand at the end of the month. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{10}{|l|}{ Periodic LIFO } \\ \hline & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & \begin{tabular}{c} Number of \\ units \end{tabular} & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{c} Cost of Goods \\ Available for \\ Sale \end{tabular} & \begin{tabular}{l} Number of \\ units sold \end{tabular} & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{c} Cost of \\ Goods Sold \end{tabular} & \begin{tabular}{c} \# of units in \\ ending \\ inventory \end{tabular} & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{c} Ending \\ Inventory \end{tabular} \\ \hline Beginning inventory & 3,000 & $6.00 & $18,000 & & $6.00 & & & $6.00 & \\ \hline Purchase of April 10 & 1,200 & $6.30 & 7,560 & & $6.30 & & & $6.30 & \\ \hline Purchase of April 25 & 1,400 & $7.20 & 10,080 & & $7.20 & & & $7.20 & \\ \hline Total & 5,600 & & $35,640 & & & & & & \\ \hline \end{tabular} 3. Determine the cost assigned to ending inventory and to cost of goods sold using the average cost method. \begin{tabular}{l} \hline Weighted average - Periodic \\ \hline \end{tabular}
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started